Adam Smith's invisible hand is now called
A. Opportunity cost.
B. Laissez faire.
C. The market mechanism.
D. Economic growth.
Answer: C
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Which of the following statements correctly characterizes farm incomes in the second half of the 19th century?
a. Real per capita income fell. b. The rate of growth in real income per worker was negative. c. Nominal per capita income fell, but real per capita income remained unchanged. d. Growth rates in per capita income were positive, but small.
If the Fed purchases government securities in the open market, _____
a. the money supply will decrease b. the money supply will increase only if the seller of those securities is a commercial bank c. the money demand will increase immediately d. the money demand will decrease immediately e. the money supply will increase through the commercial banking system regardless of who the seller is
Which of the following countries went through a financial crisis in 1997?
a. Russia b. Canada c. Italy d. India e. Korea
At various times, the United States has undergone the painful process of reducing military spending. Military bases from the Carolinas to California pleaded to be spared, citing huge job losses if they close. How can one rationally decide which bases to shut down, given the necessity of jobs?